Lodha Wadala Project
Consideration increased to cover FSI cost

I had booked an apartment in Lodha Wadala property by paying 20% advance. Thereafter, within few months they raised demand for another 10.1% payable on registration. When I asked for the registration agreement copy I was told its not ready. And when it is ready I can come and read it at their office as they will not share it electronically. Then once it was ready I went to their office and raised few points which they are still to clarify since last 2 months. In the interim DLF was slapped with over Rs. 600 crores fine for making one sided agreement. After this I got a call saying Lodha’s legal department is reviewing the agreement on their own once again and there will be few changes.

Thereafter, I got a call that agreement is more or less done I can come and read it again and get the property registered. Along with I was told that due to change in building plans area has changed and hence consideration is changing. And not a small change but of ~10% of total consideration or Rs. 20 lacs. When I enquired of the change it turned out that because of that change in my carpet area is increasing slightly but saleable area (built-up area) is increasing by 2.5x of the increase in carpet area thereby increasing loading (1-carpet area/saleable area) to 33%. Govt had recently introduced norm to charge full FSI for builders. I think under guise of this increase in loading/sales consideration Lodha is passing on this cost to their customers. Do not know when this builder community will become fare with their customers.

Company: Lodha Wadala Project
Country: India
State: Maharashtra
City: Mumbai City

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